Victoria’s Secret records Q3 losses of 71 million dollars

Victoria’s Secret reported a net loss of 71 million dollars or 92 cents per diluted share for the third quarter, while operating loss was 67 million dollars.

Adjusted net loss for the quarter was 66 million dollars or 86 cents per diluted share, and adjusted operating loss was 60 million dollars.

The company’s net sales of 1.265 billion dollars, decreased 4 percent, while comparable sales for the quarter decreased 7 percent compared to the third quarter of 2022.

Commenting on the results, the company’s chief executive officer Martin Waters said: “We delivered third quarter results within our guidance range, and we are encouraged by the improving sales trend as we transition into the all-important holiday season.”

The company is forecasting fourth quarter net sales to increase in the range of 2 percent to 4 percent and adjusted operating income for the fourth quarter is expected to be in the range of 245 million dollars to 285 million dollars and adjusted net income is estimated to be in the range of 2.20 dollars to 2.60 dollars per diluted share.

The company is forecasting full year net sales to decrease in the range of 2 percent to 3 percent and adjusted operating income is expected to be in the range of 290 million dollars to 330 million dollars. Adjusted net income is estimated to be in the range of 1.85 dollars to 2.25 dollars per diluted share.